Urban infrastructure projects are essential for enhancing the quality of life, supporting economic growth, and ensuring sustainable development in cities. However, the planning and execution of these projects involve substantial financial commitments, which necessitate rigorous evaluation to ensure efficient resource allocation. This study explores the cost-benefit analysis (CBA) of urban infrastructure projects from the perspective of municipal financial management. The research emphasizes the role of CBA in identifying the economic, social, and environmental impacts of urban projects, providing a systematic framework for decision-making and prioritization. Using a combination of qualitative and quantitative methodologies, this study examines multiple case studies of urban infrastructure projects, including transportation networks, water supply systems, and public facilities. The analysis incorporates direct and indirect costs, projected revenues, long-term social benefits, and environmental considerations, while also addressing risk factors and uncertainties inherent in project execution. The findings indicate that projects with high initial costs can yield significant long-term social and economic returns if carefully managed and evaluated. Additionally, the research highlights the critical role of financial management practices within municipalities, including budgeting, fiscal monitoring, and risk mitigation, in optimizing project outcomes. Policymakers and municipal managers can leverage these insights to make informed decisions that balance short-term financial constraints with long-term urban development goals. Ultimately, the study demonstrates that rigorous cost-benefit analysis, coupled with sound municipal financial management, serves as a key instrument in promoting sustainable, economically viable, and socially beneficial urban infrastructure projects. The paper concludes with practical recommendations for improving CBA methodologies, integrating environmental and social metrics, and enhancing municipal financial governance to ensure successful implementation and maximization of public value.